It’s questions and ACTIONS Friday!
Today’s question comes from Chandra, who writes:
“I hear a lot of people talking about “six figures” this and that in their coaching business. Is that really the goal? Are five-figures good?”
Great one Chandra!
We’ve even used the “multiple six figures” number in some of our marketing. And you’re right, a lot of various businesses use that phrase or number, especially with online marketing, coaching, and business-building.
And like any other metric or indicator (which is really all it is), there are a LOT of different ways of looking at it. For me, the danger becomes using some number as a yardstick to measure yourself against someone else. For example, someone starting at 0 and reaching penny over cost to become profitable, the numbers may look a whole lot different, then to someone who’s been around and struggling for 5 years.
I’ve even seen some recent backlash against using numbers at all; while there are others who wonder what the heck six figures will even DO for you in today’s world (especially those who live in super high-cost areas.) Lots of different perspectives, all over the map.
To me, it’s all metrics. So I’ll tackle your question today by talking:
- Profitability and unprofitability
- The ONLY numbers that really matter
- Setting baselines for your business
- And my take on the whole 5, six, 7-figure number thing
Lots to cover so let’s do this!!
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